NEWSPAPER ARTICLES

You carefully investigate day care, camps, schools and baby sitters. You make sure your children are well cared for every time you are not there…or have you? If you do not have a Will you haven’t taken an essential step in providing for your children.

For parents of young children, the most important part of a Will is naming guardians--the people who will raise your children if something happens to you. You need to carefully consider parenting style, age, geographic location, religion, and many other factors to decide who is best suited for your children.

New Jersey's new Domestic Partnership Law gives unmarried seniors and same sex couples who meet certain requirements some of the rights, benefits and obligations as married couples, including an exemption from New Jersey Inheritance Tax (although there may still be New Jersey and federal estate taxes). Under the new law, domestic partners can enter into an agreement spelling out their obligations to each other. If this affects you, you should consult with an attorney who is familiar with this new law.

Several new laws go into effect this year that mean you should review your estate and Medicaid planning to make sure you are taking full advantage of the new laws and avoiding traps for the unwary and unprepared.

The federal estate tax exemption (the amount you can leave to people other than your spouse without a federal estate tax) has been increased to $1,500,000 and the generation skipping tax exemption (the amount you can leave to grandchildren without a federal tax of 48%) has also increased to $1,500,000. This means, with proper planning, more money can be left to your heirs without taxes. Remember that your home, retirement plans and life insurance are all included in your estate, so it can add up quickly.